PANews reported on December 4 that the Indian government has found that major cryptocurrency exchanges including Binance and WazirX owe a significant amount of Goods and Services Tax (GST). Pankaj Chaudhary, the Minister of State for Finance, stated that the government discovered that several cryptocurrency exchanges owe 82.4 billion rupees (97 million USD) in GST.
Reports indicate that authorities have launched several investigations into cryptocurrency exchanges, including WazirX, CoinDCX, and CoinSwitch Kuber. A few months ago, Indian law enforcement agencies requested Binance to pay 72.2 billion rupees (85 million USD) in back taxes.